ACC orders Fenaka to halt replacement of oil tanks

Anti-Corruption Commission (ACC), on Thursday, has ordered Fenaka Corporation to halt the replacement of oil tanks installed across some islands the company provided services in, citing a complaint submitted to the corporation with respect to the work.

ACC said the order was issued on Thursday as they have launched an investigation into corruption allegations with respect to purchasing some of the items required to replace tanks used to store oil in some islands.

“Have ordered the company to halt all works with respect to this,” ACC said in a message to media outlets.

The Commission, however, did not disclose further details regarding the case they are investigating.

Major corruption allegations have always been targeted towards senior officials of Fenaka. The company owes over MVR 2.8 billion in debt to third parties at present. They recently withdrew an MVR 400 million load from Maldives Islamic Bank to repay these debts.

Privatization and Corporatization Board (PCB), which oversees state-owned enterprises, has recently also instructed all state-owned companies against initiating new projects or works during the transition phase.